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Friday, July 31, 2009

There are numerous reasons why people may want to get no doc loans to refinance their homes. They might want to extend their homes by building an add-on, pay off outstanding debt or even use the money to purchase something they could not otherwise afford. For those that are either self-employed or cannot adequately prove their income it is very difficult to get conventional loans. With no doc loans, they do not need to provide all the usual paperwork.

For those that are self employed, no doc loans are the perfect choices. Many years ago banks realized that certain people, that may have a business for example, find it difficult to prove all of the income received from their business and most often make more money than they can show on their tax returns. This is due mostly to the many tax write offs that business owners can take or the many tax deductions that business owners are qualified for when first starting out. Quite often, business owners cannot provide all the necessary paperwork required by either a regular mortgage or for refinancing.

No doc loans are mortgages or loans for refinancing that were especially created for people that are self-employed. However, they do need to have an excellent credit history. Keep in mind, that anyone with a credit score that is under 650 may find it difficult to be approved for a loan like these with low or no documentation. However, with no doc loans no proof of income is needed. All that basically needs to be verified is the amount even if it is provided on a regular piece of paper.

Other people that would qualify for no doc loans are those that work "under the table" for cash or tips. Those that work in these types of jobs most often find it difficult to prove their earnings on income tax returns. For example, an individual that makes $1,000 a month, however, with tips makes double that, he/she would not be able to adequately prove their earnings for conventional loans. Again, individuals in this category would qualify for such loans.

If you are a seasonal worker, a landscaper for instance, and only work during certain times of the year such as winter or summer, you may not be able to prove all of your income for a conventional loan but you would be able to qualify for no doc loans.

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